In a 5-quart stand mixer fitted with a dough hook, dissolve the yeast in the water; add the sugar and let rest 5 minutes. Add the flour; mix on low speed until smooth. Cover the bowl with plastic wrap and let the dough rise until tripled in volume, 1–1½ hours.

Dissolve the yeast in the water; set aside for 5 minutes. Add the yeast mixture to the biga in the mixer bowl; mix with the dough hook on medium-low speed until blended. Add the egg yolks, sugar and flour; mix on medium speed until shiny and smooth, about 5 minutes. Cover the bowl with plastic wrap; let the dough rise at warm room temperature (about 68° to 70°) until tripled in volume, 2–3 hours.

To the first dough in the mixer bowl, add the flour, honey, 9 tablespoons of the butter, ½ cup of the sugar, the egg yolks and the milk. Knead with the dough hook on medium speed until comes together and becomes a smooth mass, about 5 minutes. Add the remaining ¼ cup sugar, salt, vanilla and lemon extracts and orange zest. Knead for an additional 5 minutes. With the mixer on medium-low, begin adding 8 tablespoons of butter 1 tablespoon at a time; the dough should pull away from the sides of the bowl and be shiny, smooth and elastic. Add 1 more tablespoon of butter, then the raisins, candied citron and orange.

Shape the dough into a ball and place in a buttered 8-quart plastic tub or large mixing bowl, turning to grease the top. Cover the tub with plastic wrap and let the dough rise until doubled in volume, 2–3 hours.

Preheat oven to 360°F. Grease 2 panettone baking molds (such as the 1-quart no-grease paper molds) with butter. Turn out the dough onto a floured work surface and divide into two 2-pound, 4-ounce pieces. Butter your hands and smooth each piece into a tight ball, being careful not to break the skin. Place each piece in a buttered panettone baking mold. Cover and let rise until the dough has risen past the rim of the mold and springs back when poked, about 1 hour.

Using a razor blade, cut a cross in the top of each panettone; peel back the 4 “ears.” Cut the remaining 2 tablespoons of butter into 8 pieces. Place 1 piece of butter under each “ear”; flip each “ear” over the butter.

Bake until a toothpick inserted in the centers comes out clean, about 45 minutes. To cool the panettones, remove them from the oven, insert 2 long metal skewers horizontally through opposite sides of each loaf about ¼ inch from the base, then turn over the panettones, resting the skewers on 2 baskets or chairs so they hang freely. When cool, pull out the skewers; wrap the panettones in plastic wrap until ready to serve (up to 3 days at room temperature). Serve plain or toasted with butter. Makes 2 panettones.